The USD/JPY pair fell during the day on Tuesday, as we continue to test for support. With that being the case, the market looks as if it is going to find buyers in this general vicinity, so therefore it’s difficult to imagine selling. We believe that sooner or later we find some type of supportive candle that we can start buying, and we will not hesitate to do so. Ultimately, we do not like selling the US dollar although it is most certainly on its back at the moment. The market should head back to the 120 handle.
